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5 ways being single can cost you more – CNN

But being single may cost you more in spending, savings and benefits than being in a relationship with someone who shares in life’s financial obligations.

The glaring exception, of course, is if you partner with someone who is debt-l…….

But being single may cost you more in spending, savings and benefits than being in a relationship with someone who shares in life’s financial obligations.

The glaring exception, of course, is if you partner with someone who is debt-laden, financially abusive, a gambler or just a mooch.

But broadly speaking, here are just five ways in which flying solo can put you at a financial disadvantage and a few ways to mitigate them.

To state the obvious, footing 100% of the bill to keep a roof over your head, the lights on, the fridge stocked and the hot water heater in good repair will be higher than splitting the cost with a partner. That assumes you and your partner aren’t trading up to a home and lifestyle that is more than twice as expensive as how you live now.

The same goes for making a down payment on a home, as well as buying furniture, appliances and housewares. Beyond splitting such costs, couples who choose to get married have another advantage: They often get a financial assist by way of cash and gifts from their wedding guests.

You don’t have a financial backstop

If you’re single and lose your job, you lose 100% of your earned income. If you’re living with a spouse or partner who also works, you only lose part of your household income.

In other words, you won’t have anyone to support you as you look for another job or try to start your own business. The same goes for dealing with any other financial disruption in life — such as a medical issue that prevents you from working.

That’s why financial planners will often recommend sole breadwinners have six to 12 months’ worth of expenses saved for emergencies in the event of a job loss or large, unexpected expense, as well as ample disability insurance that can replace much of your income should you be laid up for a long time.

You may be charged extra on a group trip

Taking a trip solo can sometimes cost more if you opt for a group travel experience or retreat. That’s because you may be hit with a supplemental charge, which effectively means you’re paying a higher per-person rate than each of the two fellow travelers who sign up as a couple.

It feels unfair. “People often think ‘Why am I paying more because I’m traveling alone?” said Yves Marceau, a vice president at G Adventures, which provides small-group adventure travel tours.

The reason, Marceau said, is because the per-person cost of the total package factors in negotiated room rates based on double occupancy. Say a negotiated rate is $200 a night. …….

Source: https://www.cnn.com/2022/08/15/success/cost-of-being-single/index.html

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